The Making Home Affordable Program launched an initiative, which was an extension of the program, to assist unemployed homeowners with their monthly mortgage payment. Under the Home Affordable Unemployment Program homeowners may qualify for forbearance on their home loan and a reduction on their monthly mortgage payment obligation.
However, there are arguments that homeowners who have been unemployed for the long term may not benefit from this program as one qualification for this type of unemployment mortgage assistance is that homeowners can show proof they are receiving unemployment benefits. It’s for this reason that many have called upon a tier 5 unemployment benefits extension so that long-term unemployed men and women can perhaps take advantage of this mortgage assistance plan and save their home.
While there are those who believe that unemployment mortgage assistance plans only delay the inevitable, reports that indicate more private-sector jobs are being created give hope to homeowners who feel that they can find employment opportunities or income that would allow them to save their home, return to their traditional mortgage payments, or at least benefit from reduced payments from foreclosure prevention plans.
Homeowners who are collecting unemployment benefits may still take advantage of this unemployment assistance option, but homeowners who have been unemployed for 99 weeks or longer feel that the Home Affordable Unemployment Program will not be available if their benefits expire. While the extension of unemployment benefits has been a highly debated topic, unemployed men and women who are still seeking a job feel that the only way they may avoid the loss of their home is through these unemployment mortgage assistance plans because many fear that if their benefits expire the loss of their home may soon follow.